My question is if my interest on FD for the year is less that Rs. 10000/- then do i need to pay any tax on that amount. Under which section it comes. Since i am filing ITR1 i am engtering Interest on FD as 6000/- but it gives me amount to pay tax. Pls guide.
15 July 2014
Do you have only income from interest on FD? If yes your tax liability will be nil and you can file ITR1. ITR1 can not show tax payable in the given case since income is below exemption limit.
15 July 2014
I am working. My income from salary is Rs.299,626/- and PF is 21600/- In onther income colum if i add 6000/- it gives Rs. 620/- to pay more.
15 July 2014
Yes. Because this income is not shown in your firm 16 and therefore no TDS deducted. So you have to pay TAX on this income. Saving bank interest is exempted upto Rs 10000 not interest on FIXED DEPOSIT.
CAclubindia
